Home
News
- The number of addresses with a non-zero BTC balance reached an all-time high in February, indicating bullish enthusiasm for Bitcoin.
- Glassnode revealed that 817,445 of the addresses with a non-zero balance hold at least one full BTC, a 10-month high on Feb. 28.
The supply-side dynamics of the Bitcoin network continue to demonstrate strong adoption, with more addresses with positive BTC balances than ever before.
Through 2019 and 2020, the number of addresses with a non-zero balance grew rapidly until the middle of 2021, when it looked to have reached a plateau of over 35 million addresses. According to Glassnode, this statistic’s growth has increased since the start of 2022, culminating in a new ATH of 40,276,163.
The abrupt increase in BTC supply, which was last active three to five years ago, corresponds to the end of the last lengthy bull market at the start of 2018.
Glassnode revealed that 817,445 of the addresses with a non-zero balance hold at least one full BTC, a 10-month high on Feb. 28.
ALSO READ: Bitfinex Fund Annexation Is A Bad News For Money Launderers
Positive news
This month, supply-side dynamics in Bitcoin have offered numerous indicators of significance. On February 9, FSInsight revealed that 75 percent of the BTC circulating supply was illiquid due to inactivity for a prolonged length of time. According to the financial research organization, the scenario is a “powder keg” that is ready to blow as soon as a reasonable number of BTC is purchased on the market.
In February, the political crisis in Canada and Ukraine shed additional light on Bitcoin’s capacity to stay censor-proof. Some Canadians have turned to Bitcoin to keep their cash from being blocked, and the Ukrainian government is now taking Bitcoin donations as tensions in the area rise.
According to CoinGecko, BTC is presently trading at $37,827, a drop of over 45 percent from the November 10 ATH of $69,000.
Furthermore, wallets with a positive BTC balance are increasingly keeping their currency. According to statistics from on-chain analytics firm Glassnode, the number of BTC circulating supply last fluctuated between three and five years ago, reaching a four-year high of little over 2.8 million coins.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
